March 2008/1

Property damage from the earthquake that hit the UK on 27 February is likely to cause insured losses of between £15-30mn, according to initial estimates by Risk Management Solutions (RMS).

Swiss reinsurer Glacier Re continued to grow in 2007 with an increase in premiums and the launch of its first securitisation.

London market broker Glencairn dragged the 2007 earnings of parent US broker Hilb Rogal & Hobbs' (HRH) down by $0.11 per share, it was revealed last week.

UK general insurer Royal & Sun Alliance (RSA) bounced back to a profit of £638mn for 2007 despite taking a hit from last summer's UK floods.

Standard & Poor's (S&P) has put a positive outlook on UK insurer Novae's Lloyd's Syndicate 2007 in the expectation that its legacy issues will see further resolution in 2008, through the run-off or sale of the affected business.

The dramatic lowering of SCA’s rating by Standard & Poor's (S&P) last week from AAA to A- was part of a series of actions by the ratings agency on the troubled bond insurance sector, which has been beset by sub-prime related losses.

XL Capital added to fourth quarter losses arising from its relationship with troubled bond insurer Security Capital Assurance (SCA) in a Securities & Exchange Commission (SEC) filing after close of markets Friday (29 February).

The appointment of Peter Zaffino as CEO and Britt Newhouse as chairman at Guy Carpenter marks a statement of intent by Brian Duperreault as he seeks to gather his senior lieutenants around him in New York...

Microsoft has teamed up with six insurance IT firms in a bid to provide a "one-stop-shop" for the London market.

UK consolidator Towergate Partnership has acquired the private medical insurance (PMI) provider City & Suburban Health.

Swiss Re has devised a new business model, with the aim of being "the first place companies turn to for solutions", according to the firm's CEO Jacques Aigrain.

Lloyd's insurer Beazley has warned that the squeeze on commercial property insurers will become "extreme" as market discipline slips and rates continue to fall.